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Screen KYSalePT - Kentucky Sale of Section 179 Property (1120)
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Overview
Use this screen to enter information on assets that were sold, exchanged or otherwise disposed of for which a Section 179 expenses deduction was previously passed through to the S Corporation shareholder. Form 4797 for the S Corporation isn't completed for these types of asset dispositions. Instead, each asset disposition is separately reported to the S Corporation shareholder.
note
UltraTax CS provides a client-specific option to specify the method of entering asset information: you can either enter it in the asset module or in the various depreciation screens. To enter asset information using this screen, select File, Client Properties, Advanced Properties, Enter Asset Detail tab, and then clear the
Enter asset detail information
checkbox.General Information
The information in this section applies to sales of assets for which a Section 179 expense deduction was previously passed through to the S Corporation shareholder.
State does not conform to Section 179 QRP treatment
UltraTax CS automatically marks this box to indicate that the corresponding federal sale of Section 179 QRP doesn't apply for state purposes, so the sale isn't reported. The screen is completed for consistency with the corresponding federal screen unit.
Sale Information
Use this section to enter general sales information for assets that were sold, exchanged or otherwise disposed of for which a Section 179 expenses deduction was previously passed through to the S Corporation shareholder.
Installment Sale Information
Use this section to enter current-year installment sale information for Form 6252, Parts I and II.
Sale is a prior year installment sale
Enter
X
if the sale is a prior year installment sale.Related Party Installment Sale Information
Use this section to enter related-party installment sale information.